TL;DR
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A new wave of wealthy candidates, including Tom Steyer, JB Pritzker, and Ro Khanna, are attracting progressive support despite their wealth. This signals a shift in how the left views billionaires as potential allies or opponents in politics.
Several wealthy politicians, including Tom Steyer, JB Pritzker, and Ro Khanna, are receiving unexpected support from progressive activists, signaling a shift in the perception of billionaires within left-wing circles.
Tom Steyer, a hedge fund billionaire, has garnered endorsements from groups like Our Revolution and the California Nurses Association in his California governor campaign, despite his self-funded spending of over $132 million. Similarly, Illinois Governor JB Pritzker, from the Hyatt family, has impressed some left writers with his progressive achievements since taking office and may run for president in 2028. Rep. Ro Khanna, with an estimated net worth of $232.7 million, is frequently mentioned as a potential 2028 presidential contender. Saikat Chakrabarti, known for his work at Stripe, is campaigning to succeed Nancy Pelosi, also leveraging his wealth. These candidates are part of a broader trend where ultra-wealthy politicians are gaining left-leaning support, challenging traditional skepticism about billionaires in politics.
Why It Matters
This development matters because it signals a potential realignment in progressive politics, where wealth and influence are not automatically viewed as corrupting forces. The support for these candidates suggests a nuanced approach to billionaires, recognizing that some may align with progressive priorities. It also raises questions about the future of campaign financing and the ideological boundaries within the left.
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Background
Historically, many progressives have opposed billionaires’ influence in politics, citing concerns over inequality and corporate power. However, recent campaigns by wealthy individuals like Steyer and Pritzker, who have explicitly positioned themselves as progressive allies, have challenged this narrative. Their success in gaining left support reflects broader debates about the role of wealth in political influence and the possibility of billionaires acting as reformers rather than oligarchs.
“Every billionaire is a policy failure. That being said, we have to operate in the world that we’re in. And in this world, we happen to have a billionaire candidate who is ideologically aligned with our organization and our policy priorities.”
— Joseph Geevarghese, executive director of Our Revolution
“The fact that the DSA and many progressives in California are coalescing around Steyer underscores the problem with casting billionaires, per se, as the enemy.”
— Katrina vanden Heuvel, editor of The Nation
“Being a billionaire, he’s not the messenger I would’ve expected, but there was no one else saying what he was saying.”
— Rebecca Katz, co-founder of Fight Agency
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What Remains Unclear
It remains unclear how sustainable this support is, whether these candidates will translate left enthusiasm into electoral success, or how the broader Democratic base will react as these candidates seek higher office.
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What’s Next
Next steps include monitoring the campaigns of Steyer, Pritzker, Khanna, and Chakrabarti for further endorsements and electoral developments. Their ability to maintain progressive backing and convert it into votes will be key indicators of this trend’s impact.
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Key Questions
Why are wealthy candidates gaining support from progressives?
Some progressives see these candidates as potential allies who can push forward policy priorities they care about, despite their wealth. Supporters argue that ideological alignment matters more than the candidates’ financial backgrounds.
Does this mean all billionaires are now accepted by the left?
No. Support is generally conditional on the candidates’ policy positions and perceived commitment to progressive causes. Many remain skeptical of billionaires as a class, but are willing to support individual candidates they see as aligned.
Could this trend influence future Democratic primaries?
It’s possible. If wealthy candidates continue to gain left support and perform well in elections, it could reshape how the Democratic Party approaches campaign financing and candidate selection.
How do these candidates address concerns about their wealth?
Many emphasize their policy commitments, philanthropic efforts, or personal journeys that align with progressive values. Some also acknowledge the contradictions but argue their policies outweigh concerns about their wealth.
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